Electricity Generation Companies (GenCos) have threatened to plunge the country into total darkness if the Nigeria Electricity Bulk Trader(aka bulk buyer) failed to pay its debt to GenCos.
Bulk buyer is a public liability company engage in the purchase and resale of electric power and ancillary services from independent power producers and generation companies.
Vanguard reports that since this year, Bulk buyer has not paid GenCos a dime adding that the attention of the presidency has been drawn to the situation by the generating companies.
It says the planned lengthy blackout has implication to the security of the country. This it said has been brought to the notice of National Security Adviser, Major General Babagana Monguno(Rtd.)
The report said one of the GenCos is owed N57 billion, and the last time the company was paid for its services was in December 2016 when it got N1.6 out of a N5.4 billion invoice for that month.
However, the paper quoted Bulk buyer’s spokesperson, Henrietta Ighomrore, as saying that GenCos are paid for electricity generated and put on the grid based on money collected from the Distribution Companies (DisCos),
Henrietta explained that Bulk buyer does not keep such funds once paid by DisCos.